Shell Pension Funds extend their cooperation with Achmea

Zeist/The Hague, 9 February 2023 - The Shell SNPS and SSPF Pension Funds have extended their cooperation with Achmea until 1 January 2030. Achmea Pensioenservices takes care of the pension administration for both of these Shell funds, while Achmea Investment Management takes care of asset management for SNPS. By extending their cooperation, both parties are highlighting the major importance of strategic partnerships. In the run-up to the introduction of the new pension system, it will be important for Achmea and both of the Shell Pension Funds to secure the cooperation between them for the long-term.

Taking the lead with innovations
The cooperation between the two Shell Pension Funds and Achmea started back in 2013 with the design and organisation of one of the first pension schemes to be launched in the Netherlands under the Premium Schemes (Improvements) Act (Wet verbeterde premieregeling (Wvp)). In 2017, this was followed by the development of the proposition of continued investment after a participant retires via the Collective Variable Pension (CVP). By doing this, Achmea and the Shell pension funds took the lead and implemented the collective variant of the flexible contribution scheme set out in the Future of Pensions Act (Wet toekomst pensioenen (Wtp)). In recent years, success has also been achieved with the administration of and asset management for a flexible contribution scheme with collective risk sharing in the benefit phase.

The two Shell Pension Funds are important strategic partners for Achmea in a number of areas, including Achmea’s professionalisation of the services it provides to other clients. For example, with Achmea’s support, the two Shell Pension Funds won the Pension Pro Communication Award for innovation for their communication with participants. Other clients will be able to benefit from the experience gained as well.

Preparation for the future
Kenan Yildirim, Managing Director of Shell Pensions Nederland: “Together with Achmea, SNPS now has solid experience of administering an innovative DC scheme with collective risk sharing. We are pleased that Achmea has proactively supported the CVP scheme right from the start. Achmea also has extensive expertise of the administration of the existing SSPF average salary scheme. All of this will enable the Shell Pension Funds to prepare better for any changes the Future of Pensions Act might bring and implement the new Act on time.”

Daphne de Kluis, member of the Board of Directors of Achmea: “Our joint experience of the CVP scheme has given us a good basis for the transition to the new pension schemes. We are very happy about the confidence the Shell Pension Funds have in the Achmea approach and look forward to the successful continuation of our collaboration.“

For more information:
  • Shell Pension Funds: Kenan Yildirim (General Director)
  • Achmea: Marco Simmers (spokesperson) 06 - 53 43 87 18

About Shell pension funds
Shell has two Pension Funds in the Netherlands. SNPS (Shell Netherlands Pension Fund Foundation) administers two Shell defined contribution schemes for employees with the Netherlands as their base country. The SNPS gross pension scheme is aimed at employees who entered Shell's employment for the first time from 1 July 2013 onwards. Besides this, Shell employees with the Netherlands as their base country and a salary of more than the statutory fiscal limit can accrue a net pension via the SNPS net pension scheme. SSPF (Shell Pension Fund Foundation) is the pension fund via which employees who entered Shell's employment before 1 July 2013 can participate in the average salary scheme. The Shell Pension Funds have more than 42,000 participants in total.

About Achmea Investment Management
We work with Pension Funds to ensure that participants have more money for later in in life - on the basis of strong portfolio advice, effective asset management, responsible investments and well-considered risk management. And, more importantly, with the dedication and commitment of our 325 employees. We have been supporting Pension Funds in the Netherlands for more than 60 years now and manage assets totalling more than €175 billion for clients.

About Achmea Pensioenservices
Achmea Pensioenservices administers pension schemes for company pension funds, occupational pension funds, voluntary sector-wide pension funds and Centraal Beheer APF. Achmea Pensioenservices serves a total of 27 Pension Funds, which represent a total of more than 550,000 participants.